Update on DTL Investment - Nektan plc

RNS Number : 3197A

Vela Technologies PLC

28 September 2015

 



Vela Technologies plc

("Vela" or the "Company")

Announcement by Nektan plc

Vela Technologies plc (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, notes the trading update announcement released by Nektan plc ("Nektan") on 25 September 2015.

Nektan is a portfolio company of Disruptive Tech Limited ("DTL"), in which Vela has made its largest investment to date. Vela acquired 262,090 shares in DTL in August 2013 equating to a 0.63% interest in DTL's issued share capital.

A copy of Nektan's announcement is copied below and a link to the Nektan announcement can be found at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12514244.html.

About Nektan

Nektan is the leading international B2B mobile gaming content developer and platform provider. The Company designs, builds and operates mobile games in the regulated, interactive real money gaming ("RMG") and freemium gaming space, delivering original and innovative content to large commercial organisations that have established online audiences.

Nektan's full end-to-end technology platform, Evolve, simplifies and supports the route to mobile and desktop gaming revenues, managing the full customer experience and back-office operations, allowing commercial partners to focus solely on marketing the product to their consumers.

Nektan also operates a joint venture, Respin LLC, with Spin Games LLC that provides US land-based casinos with in-venue mobile technology and an innovative way of increasing revenue from end-of-life cabinets whilst providing players new and innovative content to play, which includes functionality on mobile devices. Nektan is regulated by the Gibraltar Licensing Authority and the UK Gambling Commission and has offices in Gibraltar, London and Las Vegas.

For further information please contact:

Vela Technologies plc
Brent Fitzpatrick, Non-Executive Chairman Antony Laiker, Director	Tel: [phone]
Allenby Capital Limited (Nominated Adviser)
Nick Athanas/Katrina Perez/James Reeve Vicarage Capital Limited (Broker) Rupert Williams/Jeremy Woodgate	Tel: [phone] Tel: [phone]

25 September 2015

Nektan PLC

("Nektan", the "Company" or the "Group")

Trading Update

Nektan PLC (AIM: NKTN), the leading international B2B mobile gaming platform and content provider, today issues a further update on trading ahead of its results for the full year ended 30 June 2015, which the Company expects to publish by mid-October 2015.

Nektan's US joint venture with Spin Games LLC, Respin LLC ("Respin"), continues to see considerable momentum building in the US from its first mover advantage. The first Respin gaming deployments with US land-based casinos are Xtraspin wheels, which are mobile technology enabled bolt-on modules to slot machines. Xtraspin wheels provide additional bonus opportunities for customers playing in-venue, offering casino operators an innovative solution to significantly improve the performance of their unsupported end of life slot machines.

·      Xtraspin wheels are now live in 12 casinos across California and Nevada, tripling since the end of June (30 June 2015: 4)

·      A total of 74 Xtraspin wheels are operational in these casinos (30 June 2015: 25)

·      Casino operators are seeing revenue "coin in" uplifts in excess of 30% on slot machines with Xtraspin wheels

·      A further 22 land-based casinos have now been contracted or have signed letters of intent for delivery of an initial additional 130 Xtraspin wheels

·      Respin has recently been granted approval for its first patent for Xtraspin, helping to strengthen its first mover advantage

The Company also continues to see strong and consistent month on month growth in Real Money Gaming in Europe across all key performance indicators ("KPIs"). Net Gaming Revenues in the month of August alone surpassed the total revenues of the entire previous quarter, attributable in part to a continued increase in first time depositors and over 70% growth in deposit amounts made by players.

Gary Shaw, Executive Chairman of Nektan, said:

"I am pleased with Nektan's continuing progress and the strong momentum in our key markets in Europe and the US.

Respin continues to strengthen its performance in the US, with the uplift in revenues experienced by casino partners with Xtraspin wheels underlining the significant commercial opportunities which are further reflected in the continued growth of its casino contract pipeline. I am also encouraged by the strong month on month growth we are delivering in Europe across all our key performance indicators in our real money mobile gaming business.

The Board remains confident that the Company is well placed to deliver further growth and build on the momentum. I look forward to further updating shareholders by mid-October in our results for the full year ended 30 June 2015."

 

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